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$102M PGIM RE Loan Buys Bay Ridge Affordable
PGIM Real Estate Finance has provided a $102-million Freddie Mac acquisition loan to Jonathan Rose Companies for Shore Hill Housing, an affordable and elderly housing property in the Bay Ridge neighborhood of Brooklyn. The 10-year, fixed rate loan will be used by the borrower to acquire the property, complete repairs related to green efficiency upgrades and cover transaction costs.
The property includes two 14-story buildings totaling 558 units that are age-restricted to individuals 62 and over, as well as a single-story community building close in vicinity to public transit, grocery stores, banks, recreational centers, parks and healthcare facilities.
“This financing will help preserve an important affordable housing property in a neighborhood of Brooklyn where rents continue to rise,” said Alex Viorst, principal at PGIM Real Estate Finance. “We are proud to partner with the Jonathan Rose Companies on this significant investment in affordable seniors housing in New York City.”
For comments, questions or concerns, please contact Paul Bubny
- ◦Financing
- ◦Sale/Acquisition
